Piers Linney - Whatever It Takes
Former Dragon, Piers Linney
Piers Linney - Whatever It Takes
Trailblazer recently sat down with Dragons Den star Piers Linney to discuss everything from his time with Sir Richard Branson to the best book he’s ever read. Piers is very down to earth and we’d like to thank him for the time we spent with him in London.
Background
Born in Stoke-On-Trent, my mother was born in Barbados, father was a working-class lad from Manchester who secured one of the first scholarships to Cambridge University. Both are my role models.
I actually failed my eleven plus so attended a comprehensive school and really wanted to go to university, and after a hard slog I managed to get into the University of Manchester to read Accounting and Law. From there I set my sights on being a lawyer in the City; everyone said it wouldn’t happen, and it took determination and hard work. I sent sixty eight applications for a training contract and received only one job offer from them all, which I grasped with both hands and went on to qualify as a lawyer specialising in venture capital and corporate finance. I would frequently deal with venture capitalists and entrepreneurs, and it’s then when I realised that I wanted to be involved in the business creation process. I soon moved from law into investment banking for both the financial experience and the remuneration.
I didn’t get an offer for the entry-level analyst programmes, including from Credit Suisse. Again, after a concerted effort and numerous applications I secured a job offer for Barclays de Zoete Wedd (BZW). Here I picked things up pretty quickly and survived the cull after the business was sold to Credit Suisse where I found myself two years ahead of the role I had applied for six months earlier.
As well as the day job I always had what is now often referred to as a ‘side hustle’, but the lure of the internet was too much and I left the City and a sizeable income to take a big leap to start something on my own…
My professional career made setting up a business and securing finance easier because I’d sat at every side of the table and developed multiple relevant skill sets. However, despite having a solid business plan and team, execution is everything. There was also a steep learning curve ahead after setting up a dotcom - three months before the 2000 dotcom crash.
I was also involved in the music and talent management industry, but went back to corporate finance where I had to find a niche. I decided to specialise in alternative finance and raising finance from specialist US funds to finance clients and deals that I put together. This led to me becoming a partner in a fund, but eventually I stepped into a business that I had bought with a friend with 300 employees to turn it around.
Along the way, I have enjoyed success and had to deal with failure and I continue to learn. Since leaving the City, my career has been a whirlwind. I am best known for being one of the Dragons on BBC’s Dragons’ Den, but something else that fills me with pride is being named in the Top 100 Influential Black Britons. That accolade actually turned out to be the stepping-stone into the limelight as I was subsequently approached by Channel 4 to appear on The Secret Millionaire. I’m still in contact with one of the lads I met on the show. He joined a businesses of mine and trained as an IT consultant and he now has a career and a family.
I am now involved in a range of new businesses and have spent the last six months developing a new business focused on supporting SME business owners and their ventures.
Why don’t you go by your first name, Jonathan?
As a teenager I did a bit of modelling around Manchester and the agency manager advised me to use my middle name, Piers. I then attended the University of Manchester and had to decide which name to use when I met my now best friend on the first day. I have been Piers ever since to everyone except my mum. I’ll always be a Jonathan to her and ‘Jon Piers’ to all of my family in Barbados.
Guilty pleasure?
I’m quite the social and economic history buff so watch copious amount of videos on YouTube.
Best book you’ve ever read?
I’ve read a lot but one that jumps out is Outliers by Michael Gladwell.
Something people wouldn’t know about you is?
I once won a Blue Peter badge for designing a solar-powered safety watch.
First ever job?
Trainee lawyer.
Pinch yourself moment?
There’s been a few along the way. There was a moment I recall, when I looked out over London from a Credit Suisse meeting room at 2am while trying to close a deal and took in my journey from a mill town comprehensive school in Lancashire to becoming a successful lawyer and investment banker in the City of London.
Something else I’ll never forget is sitting with Sir Richard Branson at his private game reserve in South Africa discussing whether I should go on Dragons Den. It’s important to stop and absorb these moments and give yourself a pat on the back every now and then.
How do you switch off?
A good 40-mile bike ride.
Best piece of advice for others?
Don’t chase rabbits down holes. Adapt, hustle and innovate, but it’s important to know when to cut your losses. As you get older you learn to become more objective; there’s a reason why the most successful Trailblazers are older.
What keeps you up at night?
I’m definitely a night owl so once I’ve got something on my mind it’s hard to switch off. I’m also very visual so I’ll play out scenarios in my head. Once that starts and the momentum builds up it can keep me awake for a while!
It’s 4 years since you left Dragons Den, how did that come about initially?
I got the call from the BBC and wasn’t too sure at first, but Sir Richard (Branson) advised me to do it. If it wasn’t for somebody with his experience of combining business and the media giving me some timely and balanced advice, I might have turned it down. I wouldn’t say I miss being a dragon but it was great at the time; it was an amazing life experience.
You don’t look 48, what’s your secret?
My Caribbean genes! I do try to look after myself. I’m at the gym in the morning, I watch my diet and a big passion of mine is cycling so it ties in really well.
A healthy body breeds a healthy mind. The secret is to keep it up as small daily goals and habits build up over time into significant change.
What makes you a Trailblazer?
When I decided to do something such as qualify as a lawyer, become a City banker and hedge fund manager or start and build a business, I have always managed to achieve my goals through focus, hard work and determination.
I have always been interested in the power of innovation, from the internet to alternative finance to cloud technology to 3D printed mountain bikes. The pace of innovation is accelerating and I am still learning and looking at new ways to create value. As a Trailblazer you never stop.
Although the success of a business is typically measured in profit I’m a firm believer that business should be a force for good and should benefit all stakeholders, from shareholders to the global environment. This is built into everything I do.
I am constantly asked for business advice or to mentor people and was surprised at the lack of practical advice available. I don’t have the time to engage with those that seek support so I did what I do best, I innovated to create an online course. Startup with Piers Linney, for startups and new businesses, which is designed to pass on some of the valuable knowledge and experience that I have acquired over the years. There’s a business in everyone, but execution is everything and my course helps entrepreneurs execute like I have done before.
Lastly, how do you think The Trailblazer would get on in the den?
In the den we look at investing in young companies and it’s largely about the individual. Having met Tim, he’d definitely have a good chance of getting some offers.